Another Exchange BitForex Went into Hide, Why Does the Supervision Always Come Late?

After experiencing the running away of several exchanges such as BKEX and JPEX, another exchange BitForex has encountered the situation of unable to withdraw funds and unable to open the website.

On February 23rd, Hong Kong-based crypto exchange BitForex suddenly suspended withdrawals, after previously delaying users' withdrawals on the grounds of wallet and website maintenance. At the same time, ZachXBT, a blockchain detective, detected that approximately $56.5 million in cryptocurrency had been withdrawn from three BitForex hot wallets before the exchange stopped processing transactions.

On February 26th, the exchange's website was also officially shut down. Users were unable to log into their accounts and could not load the webpage, and began to seek help on social media. However, BitForex's X platform account has not been updated since February 21st, and on its official Telegram channel, multiple users have posted messages saying that their accounts cannot be entered and the dashboard does not display any assets.

The Supervision Always Come Late

On March 4th, after suspending withdrawals for more than a week, the Securities and Futures Commission of Hong Kong (SFC) issued a public warning to the public to beware of a virtual asset trading platform claiming to operate under the name BitForex, which was suspected of virtual asset fraud. BitForex has not been licensed by the SFC, nor has it applied for a license from the SFC to operate a virtual asset trading platform in Hong Kong. The SFC has included it on the warning list of suspected virtual asset trading platforms.

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